Be Careful What You Wish For From the Fed

QE is losing potency in lifting asset prices and the economy but remains just as powerful boosting commodities.

There is a great irony about monetary policy these days: investors and politicians would like it do more and more when it is apparent it can accomplish less and less.

That wasn't the message delivered by Federal Reserve Chairman Ben Bernanke in his testimony to the Joint Economic Committee of Congress Thursday. Nor was the one sent by the Fed's Vice Chair, Janet Yellen, the previous evening in a speech to the Boston Economic Club....